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All Journal Jurnal Manajemen Teknologi Journal of Economics, Business, & Accountancy Ventura JURNAL MANAJEMEN MOTIVASI Kinerja: Jurnal Ekonomi dan Manajemen Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Indonesian Journal of Multidisciplinary Science Jurnal Manajemen Risiko Taxation and Public Finance Economic and Business Horizon
Martua Eliakim Tambunan
Magister Manajemen Universitas Kristen Indonesia
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Public Health Social Sciences

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How Sustainable Finance Drives Financial Performance: Evidence from KKUB Firms with 2024 Sustainability Ratings Pasaribu, Evana; Tambunan, Martua E.
Taxation and Public Finance Vol. 3 No. 1 (2025): DECEMBER 2025
Publisher : Santoso Academy Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/tpf.v3i1.566

Abstract

This study examines the influence of Sustainable Finance (SF) practices on the financial performance of companies operating in Indonesia’s NDC priority sectors by integrating evidence from 2024 sustainability ratings, global GRI-based benchmarks, and regulatory requirements under POJK 51/2017. The research analyzes how ESG integration, sustainability reporting quality, and adherence to the Indonesian Green Taxonomy shape firms’ operational efficiency and financial outcomes, particularly among companies classified as Sustainable Business Activities (KKUB). The originality of this study lies in its cross-sector comparative approach, which links SF implementation to measurable financial results while incorporating updated regional and global sustainability rating frameworks. Findings show that firms with mature ESG governance achieve stronger cost efficiency, improved risk mitigation, and enhanced access to green financing, leading to better overall financial resilience. The results also highlight the role of transparent sustainability reporting in strengthening corporate accountability, aligning environmental disclosures with emerging tax governance expectations, and reducing compliance risks related to emissions and resource use. These insights confirm that integrating SF and high-quality ESG disclosure contributes to long-term firm value while supporting national low-carbon development objectives. The study provides implications for managers, investors, and regulators in optimizing sustainability-driven financial strategies
PENGHITUNGAN KAPASITAS RISIKO PERUSAHAAN ASURANSI DENGAN PENDEKATAN ALTMAN Z-SCORE STUDI KASUS PT JASA RAHARJA Setyawan, Ujang; Sunaryo, Tarsicius; Tambunan, Martua E.
JURNAL MANAJEMEN MOTIVASI Vol 22 No 1 (2026): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v22i1.8585

Abstract

State-owned social insurance company PT Jasa Raharja plays a strategic role in financial stability through risk management. This study assesses its financial risk capacity from 2020 to 2024 using the Modified Altman Z-Score for Emerging Markets. Results show consistent placement in the Safe Zone, with Z-Scores ranging from 3.88 (2020) to 3.20 (2024), indicating very low bankruptcy risk. However, risk capacity in Rupiah declined significantly from IDR 9.53 trillion to IDR 6.28 trillion due to rising liabilities, especially technical reserves. This signals a narrowing financial safety margin, requiring enhanced asset
Related Party Transactions and Corporate Governance in Business Group: Evidence from Indonesia Perdana Wahyu Santosa; Sovi Ismawati Rahayu; Zainal Zawir Simon; Martua Eliakim Tambunan
Journal of Economics, Business, and Accountancy Ventura Vol. 25 No. 1 (2022): April - July 2022
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v25i1.2719

Abstract

This paper aims to offer new evidence as to how sub-related party transactions (RPTs) can be related to corporate governance for Indonesia's business group. We address an ongoing theoretical tension and some recent research in the RPTs literature by focusing on revenue, expenses, loans, and receivables. Business groups are classified by size or market capitalization. This paper examines whether RPTs in the business group relate with domestic/foreign shareholders, independent board/commissioner, and firm size as controlling factors. The business groups wereselected through purposive sampling that met the analysis criteria with their typology in the population of business groups listed on IDX. We used panel data analysis for four models. This relationship is more pronounced than some recent research for business group firms and firms with more highly concentrated foreign ownership regarding the effect RPTs on revenue, expenses, loans, and receivables. Related to the controlling variable, firm size shows a significant effect on every sub RPTs. The results may imply that foreign ownership exploits Indonesia with expenses such as cross-border transactions of capital goods, intangible property (royalty), intra-firm services, and the cost of debt. Therefore, there is a need for a balanced interest for government and business in Indonesia via foreign directinvestment with corporate governance implementation and adaptive regulation.
Co-Authors Achmad Noerkhaerin Putra Adler Haymans Manurung ADOLF B. HEATUBUN Adolf B. Heatubun Ariditya Pramesti Dewi Anggraheni Dominicus Savio Priyarsono Dr. M.L. Denny , SE., M.M Tewu Dr. Poerwaningsih S. Legowo, MS,Tr Elisabet , Sri Bintang Hermanto Siregar Joshua Perkasa Naibaho Joshua Perkasa Naibaho Ketut Silvanita Ktut Silvanita Mangani Pasaribu, Evana Perdana Wahyu Santosa Perdana Wahyu Santosa Poerwaningsih S. Legowo Samaria, Angel Setyawan, Ujang Silvanita, Ktut Sinuraya, Amri Sovi Ismawati Rahayu Sovi Ismawati Rahayu, Sovi Ismawati Sunaryo, Tarsicius Tarsicius Sunaryo Vera Hendra Sitompul Zainal Zawir Simon Zainal Zawir Simon, Zainal Zawir